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以短期信贷需求作为研究对象,构建出包含我国中小企业信贷需求因素的信贷需求函数,并基于可得的宏观经济数据,从宏观层面研究我国的短期信贷需求关系.通过对实证结果的分析,我们发现,在我们估计的短期信贷需求函数中,短期信贷需求和国内生产总值、短期贷款利率以及中小企业信贷需求有着长期的均衡关系,但是我国中小企业信贷需求的增长远大于短期信贷需求增长,并且短期信贷需求与国内生产总值、短期贷款利率以及中小企业信贷需求之间的协整关系对于调节短期信贷需求的作用不显著.这些结果反映出我国短期信贷市场的一定程度的刚性,而且我国的中小企业信贷需求也未能通过银行信贷的渠道得到有效的解决.结合这些实证结果,我们对如何利用货币政策实现帮助中小企业度过金融危机进行了讨论.
Taking the demand of short-term credit as the research object, this paper constructs a credit demand function that contains the demand for credit of SMEs in our country and studies the relationship between short-term credit demand and macro-level based on the available macroeconomic data.According to the empirical results, we Found that in our estimation of short-term credit demand function, there is a long-term equilibrium relationship between short-term credit demand and GDP, short-term loan interest rate and credit demand of SMEs. However, the growth of credit demand of SMEs in our country is far greater than the growth of short-term credit demand, And the cointegration relationship between short-term credit demand and GDP, short-term lending rates and credit demand of SMEs is not significant for adjusting short-term credit demand.These results reflect a certain degree of rigidity of China’s short-term credit market, and our country Of SME credit demand can not be effectively solved through the channel of bank credit.According to these empirical results, we discussed how to use monetary policy to help SMEs to weather financial crisis.